Inflation rate further up

05/11/2009 15:00

In October 2009, the Dutch inflation rate stood at 0.7 percent, an increase by 0.3 percentage points compared to September. This is the third monthly increase in a row. Inflation is defined as the consumer price index (CPI) increase relative to the same month one year previously.

The increase in inflation is predominantly caused by motor fuel price changes. Although fuel prices at petrol stations were lower than one year previously, the price difference was smaller than last month.

Within the contribution of the various article groups to inflation only transport changed. The contribution of this article group to inflation was neutral in October, whereas in September it had a downward effect of 0.3 percentage points. Alcoholic drinks and tobacco products became more expensive, accounting for 0.3 percentage points. Higher prices in the sector hotels and restaurants accounted for 0.2 percentage points.

The harmonised consumer price index (HICP) allows comparison between the inflation rates in the various member states of the European Union (EU). According to the HICP, the Netherlands had an inflation rate of 0.4 percent in October. Eurostat, the European statistical office, calculated a deflation rate of 0.1 percent in the eurozone. The gap between the Dutch inflation rate and the rate in the rest of the eurozone has widened slightly.